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Sri Lanka rupee firmer in intra-day trade

ECONOMYNEXT – Sri Lanka’s rupee firmed to 140.20/50 to the US dollar during intra-day trade Friday after opening at 140.15/50 to the US dollar, dealers said.

The rupee was stronger from yesterday’s close of 140.50/60 to the US dollar. The rupee dropped to 140.98 to the US dollar Thursday and export selling helped boost the rupee.

The rupee has come under pressure from liquidity injections and outright money printing over the past year as deteriorating fiscal policy was accommodated by the Central Bank, eventually spooking foreign bond investors.

Sri Lanka attempted to ‘float’ the rupee on September 04, but data points to continued reserve outflows. (Colombo/Sept18/2015)

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